Englewood, New Jersey – There’s no question that developing a sound, responsible, and disciplined savings plan involves many components.
“Our philosophy to wealth creation requires a proper mind set, literacy, and discipline,” said Jason Blumstein, CFA®, and founder of financial and investment advisory firm Julius Wealth Advisors, LLC (www.juliuswealthadvisors.com). “It all starts with education and the acknowledgment that there is no magic elixir.”
Prior to embarking on this journey, Blumstein considers a client’s balance sheet, cash flow, purpose for investing (retirement, college planning, etc.), timelines for reaching these goals, and their overall mentality on money/wealth.
“One area that is frequently overlooked is that couples must look at this journey as a partnership that requires full transparency, cooperation, and agreement on all aspects of wealth creation. Without these components, the plan can go awry.”
Blumstein coaches these couples as a valued, objective, 3rd party, providing valuable insight and direction on how husbands and wives must be a team when it comes to this wealth-building process.
“In most cases, one spouse is usually in charge of the finances,” he said. “One of them pays the bills, makes decisions on investments, insurance, and other aspects. It’s important that there are no surprises, such as pouring money into a very speculative penny stock or a risky business venture without the other spouse being aware of it before hand.
“If these guidelines aren’t followed trust can be compromised and can result in financial ruin and even divorce. Communication is the key and a large part of our financial literacy program.”
Clients have often referred to Blumstein as a “financial marriage counselor”, bringing objectivity to the process while de-stressing relationships between husbands and wives.
Whether it’s a young couple combining finances at the start of a marriage or an older couple starting a retirement plan, Blumstein encourages cooperation.
“It just makes sense,” he said. “Both must understand all aspects of finances in the event of an illness, a death, or divorce.
“They must share information and pay attention for a wealth-building initiative to be truly effective. Our goal is to show them that with small, consistent steps, they can build significant wealth over time. But there must be trust and transparency.”
Blumstein’s plans are customized to a client’s needs and timeframes. The process involves:
- A philosophy guided by the principles of Warren Buffett and Jack Bogle which emphasizes owning high-quality assets for decades, not days, while seeking downside protection and controlling the drag of cost and taxes.
- Research and invest in assets that exhibit certain quantifiable characteristics that have been demonstrated to deliver more favorable long-term, risk-adjusted returns – not every time, but over time.
- Ascertain an investor’s needs, ability and willingness to own a business. The goal is to personalize a solution that meets unique situations, allowing the clients to stay the course with long-term peace of mind.
Throughout the process, Julius Wealth Advisors, LLC, (www.juliuswealthadvisors.com) places a premium on relationships with clients who look to the firm for guidance during good and difficult times.
Julius Wealth Advisors, LLC, is built on three pillars -- integrity, knowledge and passion. The firm’s services include behavioral coaching, financial planning and investment management.
“Unlike the typical financial and investment advisor,” said Blumstein, “we believe in offering more than just numbers on a quarterly report. We are here to help you identify long-term financial goals and create a tailored plan to achieve them. Plus, we offer behavioral coaching to support better decision making in the future.”
Blumstein also points out these plans change as lives and personal situations change. These can include marriage, becoming parents, an illness, a divorce, career change, and ultimately financial freedom. Regardless of these situations, Julius Wealth Advisors, LLC, stresses the disciplines necessary to reach any of these goals.
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